Credit Card Center Advertiser Disclosure†
09-12-2012 08:21 PM
I have had a capital one secured card, with a $300 credit limit for about 8 months now. I have been waiting, (with no late payments) for my unsecured card to graduate into an unsecured credit card, with no luck. For the past two months i have been fully paying off my credit card balance about twice a month (which is usually around $250 - Near Max), opposed to making the one monthly minimum payment of $25, thinking that it will boost my credit, I was hoping to get feedback from people with more credit experience, maybe I could better my credit a different way?
09-12-2012 09:22 PM
this is a tough question and the answer is multidimesional. Meaning, there could be several factors invovled here. Since you nearly max this card out every month and pay it off, you should find out when this company reports to the bureaus. Just because you pay off the card, does not mean what appears on your report is a zero balance.
09-13-2012 12:58 PM
I think what you are doing is fine.
You are showing CapOne that you pay your bills in full and that both of you will benefit from a higher limit. Paying the minimum is the exact opposite and proves to them that you don't deserve a CLI or unsecuring the card.
You should NEVER pay interest, or at least pay very little. Paying a minimum payment is usually a bad sign to a lender.
A FICO score is slightly different and your score can possibly benefit from paying the CC down to a very small amount before the statement is generated.
09-13-2012 09:18 PM
And consider it is Cap1. Sorry to say but they don't grow. Use them to get your foot in the credit door.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.